Key Vocabulary
needs
things that you must have to live.
wants
things that you don’t need but wish to have.
scarcity
not enough of something. scarce.
money
something that people use as a means of exchange.
bill
paper money. note. large/small bill.
coin
money that is made of metal. change.
quarter
a coin that is worth 25 cents.
penny
a coin that is worth 1 cent. smallest currency. nickel -> 5 cents. dime -> 10 cents.
Visual Summary
| needs | wants |
|---|---|
| food & water | toy, pet |
| house | book |
| clothes | music lesson |
| information | perfume |
Exercise
Match each word with its definition:
- paper money. (bill)
- not enough of something. (scarcity)
- money that is made of metal. (coin)
- things that you must have to live. (needs)
- things that you don’t need but wish to have. (wants)
- something that people use as a means of exchange. (money)
Up Close
We use money to buy what we need and want. But we do not alwasys have enouth money. This is called scarcity. We have to make choices about what to buy.
True of False
| Statement | True or False |
|---|---|
| Scarcity means there is enough of something. | F |
| We need to make choices about what to buy. | T |
| Wants are things that you must have to live. | F |
Reading passage
People have needs and wants. Needs are things we must have to live. Food, shelter, and clothes are needs. Wants are things we would like to have. Dolls and candy are wants. We use money to buy what we need and want.
There are different types of money. Bills and coins are types of money. A bill has more value than a coin. A coin is money made of metal. There are many types of coin. A quarter and a penny are two kinds of coin in America.
Sometimes there is not much of something. This is called a scarcity.We do not always have enough money to buy all we want. That’s why we have to choose between things.
Reading skill
Compare and Contrast
| Needs | Wants |
|---|---|
| things we (must) have to live | things we would like to have |
| (food), shelter, and clothes | things like dolls and candy |
We use (money) to buy what we need and want.
Comprehension
- What does a bill have more value than? (coin)
- Food, (shelter, and clothes) are all needs.
- A penny and a quarter are (two kinds of coin in America).
- What happens when there is a scarcity of something? (There is not much of something and we might not be able to buy it)
source
From American Textbook Reading Social Studies 10 42:40